Trade
TRADE: MARKET ACCESS
Suriname: Good access to other markets
Knowing the advantages that exports have, Suriname has promoted:
1) the signature of trade agreements to allow Surinamese companies to expand in key markets paying lower or none tariffs.
2) its integration in supranational entities. More concretely:
Trade agreements:
It is a very active country in different supranational entities that look for greater integration processes in the region. More precisely, it is member of:
- Caribbean Community (CARICOM)
- Forum of the Caribbean Group of African, Caribbean and Pacific States (CARIFORUM)
- It participates as an associate country in MERCOSUR.
- EU-Caribbean Partnership Agreement
- CARIFORUM- UK Economic Partnership Agreement
TRADE: MARKET ACCESS
International Trade Partners
India
1.3 billion consumers. Annual exports to India thousands US$ 30.061
Caricom
7.4 million consumers. Annual exports to CARICOM thousands US$ 51.487
China
1.4 billion consumers. Annual exports to China thousands US$ 61.103
Switzerland
8.8 million consumers. Annual exports to Switzerland thousands US$ 1.117,631
European Union
447 million consumers. Annual exports to the European Union thousands US$ 122.204
Canada
38 million consumers. Annual exports to Canada thousands US$ 12.446
USA
329 million consumers. Annual exports to USA thousands US$ 183.757
TRADE: MARKET ACCESS
Export Highlights
Suriname enjoys a great number of qualities that make the country the perfect place for exporting to the rest of the world.
Some quick facts about the exports:
- World-leading companies as Chevron, Total and Qatar Petroleum are present in the country because it is estimated that Suriname could have between 3 billion or 4 billion barrels of reserves. Due to the low costs in Suriname, oil extraction becomes much more profitable than in other countries.
- Suriname only reaches 37% of its potential on the bananas and 22% of the rice industry. Companies such as Food and Agriculture Industry (FAI) export worldwide, with as main markets European Union and USA, but also to Caribbean countries such as Trinidad and Tobago.
- In 2020, Suriname exported 81,5 million USD in fish and seafood and produced 47 000 tons of it. The main species are the deep-sea shrimp and other fish species like red snapper, mackerel and tuna.
- Suriname’s main export product is gold, producing around 40 tons per year. World companies like SURGOLD (a subsidiary of U.S.-based Newmont Mining) and IAMGOLD are established in the country.
- There are hundreds of different high-quality types of wood in the Surinamese Amazon, suitable for construction, furniture and boat building and wooden art, among others. Suriname annually exports wood for 107 million USD, being the main markets China ($58 million), India ($29 million), Korea ($8 million), and the Netherlands ($3 million).